Hispanic Research
In 2009, one out of six people in the US are of Hispanic origin, representing slightly over 15% of the population and constituting the largest ethnic minority in the country. This segment is expected to grow exponentially and to more than double its size, from 49 million in 2010 to nearly 133 million in 2050. Despite this demographic trend and the enormous market opportunity it represents, efforts to understand the Hispanic consumer are absent or sporadic at best in many companies, which tend to consider it a niche market.
Marketing to Hispanics is full of complexities. They are part of the general market and sometimes show similar attitudes and behaviors to those observed among non-Hispanics. However, they often think and behave differently, influenced by factors such as generation order, language preference in different situations, country of origin, length of time living in the US, family traditions, and cultural values and traditions from their home countries.
Hispanics, which are comprised of different races and countries, are a very diverse market segment. They are often classified by acculturation levels, but how much of a “Latino” or “American” behavior they engage in is often dictated by the situations they face. Marketers would benefit of understanding Hispanics in the context of the general market and use similarities and differences with non-Hispanics to better target this segment as part of an overall marketing strategy.
We use qualitative and quantitative research methodologies to provide actionable insights about the Hispanic consumer and help clients make strategic decisions when marketing to this segment.
- What is our market penetration in the Hispanic segment and how can we expand it?
- How do we position our products and services to attract the Hispanic segment?
- Are there any “untapped” needs in this segment that we could address with a new product or service?
- What are the most profitable segments within the Hispanic market for our product and services?
- Should we develop a specific marketing strategy for the Hispanic market or can be reach them within the framework of a market segmentation of the general market?
- How do we reach these target segments? Via which media vehicles? Via which distribution channels?
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